Summit Industrial Income REIT (SMU) 2014年年度報告「TSX」.pdf

1、GROWTH&PERFORMANCE2014 ANNUAL REPORTour STrENGTHIS ourEXPErIENCE.Summit Industrial Income Real Estate Investment Trust is an unincorporated open-end trust focused on growing and managing a portfolio of light industrial properties across Canada.The REIT is managed by Sigma Asset Management Limited,co

2、mposed of an experienced and proven team of real estate professionals responsible for a ten-year 20%compound annual return generated for investors with the former Summit REIT.2014 AN N UA L R EP O RT 1 TABLE OF CONTENTS 2 2014 FINANCIAL HIGHLIGHTS 3 oPErATING HIGHLIGHTS 4 BEST IN CLASS 6 MESSAGE To

3、uNITHoLDErS 10 EXECuTING our ProVEN GroWTH STrATEGY 12 SuMMIT II rEIT AT A GLANCE 14 SuMMIT II rEIT PorTFoLIo BY ProPErTY 16 ProVEN,EXPErIENCED MANAGEMENT TEAM2014 FINANCIAL HIGHLIGHTS2 S U MMIT II REITYear Ended December 31,($,000 except per Unit amounts)2014 2013Revenue 28,740 22,047 Portfolio Occ

4、upancy 100.0%98.9%Net Operating Income 21,214 16,492 FFO 12,447 9,707 FFO per Unit$0.588$0.593 AFFO 11,032 8,875 AFFO per Unit$0.521$0.543 AFFO Payout Ratio 95.8%75.2%As at December 31,2014 2013Debt to Gross Book Value 55.2%60.9%Weighted Average Mortgage Interest Rate 3.68%3.68%Weighted Average Mort

5、gage Term to Maturity 4.45 Yrs 4.95 yRS Weighted Average Remaining Lease Term 5.8 Yrs 6.0 yRSWeighted Average Units Outstanding(basic)21,164 16,356 2013 includes additional one-time,non-recurring general and administrative costs of$197,000 or$0.011 FFO per unit,in the fourth quarter relating to the

6、REITs move from the TSXV to the TSX on November 11,2013.OPERATING HIGHLIGHTS Acquired five properties totaling 593,239 sq.ft.of GLA for$47.5 million at an average cap rate of 6.66%.Completed$29.6 million of mortgage financing at an average term of seven years and average interest rate of 3.65%.Compl

7、eted equity offering in June 2014 for proceeds of$28.8 million.Completed sale of a 75%interest in Ottawa property in May 2014 generating a$4.5 million realized gain.Completed lease up of 269,000 square feet of total 287,000 square feet of head lease space.Subsequent to year end completed the acquisi

8、tion of a 50%interest in a portfolio of six properties in Montreal and 100%of four properties in the GTA,adding 665,813 square feet to the portfolio for$64.6 million at an average cap rate of 6.90%.2015 acquisitions financed by assuming mortgages of$11.4 million at an average interest rate of 3.45%,

9、a new$15.15 million seven year mortgage at 3.30%and a new$12.85 million ten year mortgage at 3.25%.On January 7,2015 completed an equity offering for proceeds of$30 million.During and subsequent to the year end,Summit entered into two joint venture partnerships to pursue the REITs growth strategies.

10、Manager and Principals interest remains strongly aligned with all Unitholders through 12%insider ownership of REIT Units.2014 AN N UA L R EP O RT 3BEST IN CLASSWell located propertiesWell maintained buildingsAmple loading docks Experienced management teamStrong tenant relationsProven operating platf

11、orm This is why were best in class.4 S U MMIT II REITBEST IN CLASS2014 AN N UA L R EP O RT 52014 was another year of solid growth and strong operating performance.We further expanded and strengthened our property portfolio in our key targeted markets,while the accretive financing of these property p

12、urchases positioned us for stable and secure cash flows going forward.Our property and asset management programs generated another year of solid operating performance and strong organic growth.Our focus on a stable and prudent financial and liquidity position permits us to capitalize on future growt

13、h opportunities.Most importantly,we continue to capitalize on the deep experience and expertise of our management team to deliver enhanced Unitholder returns through the execution of our proven growth strategies.MESSAGE TO UNITHOLDERS6 S U MMIT II REITJames TadesonLead Independent trustee&ChaIr of a

14、udIt CommIttee&member of GovernanCe CommItteesaul shulmanIndependent trustee&ChaIr of GovernanCe CommIttee&member of audIt CommItteelarry morassuTTi,CaIndependent trustee&member of audIt&GovernanCe CommItteemiChael CaTFordIndependent trustee&member of audIt&GovernanCe CommItteePaul dykeman,CaChIef e

15、xeCutIve offICer&trusteelou marounChaIrman&trusteeJon robbinsvICe presIdent,Investmentsross drake,CaChIef fInanCIaL offICerkimberley G.hillvICe presIdent,asset manaGementPROVEN EXPERIENCE IN EXPANDING AND STRENGTHENING OUR PROPERTY PORTFOLIO Following a year of significant growth in 2013,we continue

16、d to expand and strengthen our property portfolio.In 2014 we acquired 5 properties for$47.5 million and subsequent to year end we acquired 10 properties for$64.6 million for a total of 15 well-located properties in our targeted markets totaling over 1.26 million square feet of gross leasable area(GL

17、A).The aggregate purchase price of$112.1 million was funded by cash raised in two successful offerings of Trust units,new and assumed mortgage financings,and our credit facilities.We also sold a non-core,vacant property in Red Deer,Alberta for proceeds of approximately$710,000.The average capitaliza

18、tion rate on our acquired properties was a very strong 6.80%.Our near-term focus has been on increasing our presence in the Greater Toronto Area(GTA),and more than 66%of the properties acquired over the last two years have been located in this strong and growing market.We continue to believe the GTA

19、 represents compelling market fundamentals that are ripe for creating value.The region is experiencing the lowest availability and vacancy rates in the country with absorption continuing to outpace new supply.In addition,with rising development charges,increased construction costs and land preservat

20、ion initiatives,there are significant constraints on future new supply of industrial properties.With these strong fundamentals,we are seeing upward pressure on rental rates,and we will continue to prudently expand our presence in this vibrant market.With the completion of these accretive transaction

21、s during and subsequent to the end of 2014,our total property portfolio grew to 44 properties at February 25,2015 totaling approximately 4.4 million square feet of GLA.Our properties have solid,credit-worthy tenants,and all are well located in strong urban markets near major rail,highway and airport

22、 transportation links.PROVEN EXPERIENCE IN DELIVERING STRONG OPERATING PERFORMANCEAt Summit we believe we have one of the best and most productive operating platforms in the business,built on the deep experience and expertise of our people.We are benefiting from our industry-leading property managem

23、ent programs and best-practice operating procedures,and we continue to work with our tenants to ensure they have the best properties to suit their long-term needs.With sound tenant covenants and minimal capital investment requirements,we believe our properties will deliver strong,sustainable and gro

24、wing cash flows for years to come.In addition,as our portfolio grows,we expect to see significant economies of scale and operating synergies that will reduce our overall operating costs,also benefiting future cash flows.Our operating performance in 2014 demonstrated that our property and asset manag

25、ement strategies are working.Occupancy across the portfolio stood at a full 100%at December 31,2014 with a weighted average term to maturity for the total lease portfolio of 5.8 years.During and subsequent to the year-end we made significant progress in leasing the approximately 287,000 square feet

26、of head lease space we assumed when we acquired several properties.As of January 31,2015,long-term leases have been secured for 268,000 square feet of this space,and offers are under negotiation for another 19,000 square feet.We have already completed 196,318 square feet of renewals for 2015 with on

27、ly 6.8%of the total property portfolio,or 253,899 square feet,remaining to be renewed in 2015,providing further stability to our cash flows.PROVEN EXPERIENCE IN DEVELOPING PARTNERSHIPS FOR GROWTHIn addition to enhancing value through portfolio growth and strong operating performance,our third stated

28、 strategy is to enter into joint venture relationships with third-party real estate professionals to prudently target underperforming light industrial assets that we believe can see improved returns through development or re-development.Once stabilized,we will consider rolling such properties into t

29、he REIT.At Summit,we have decades of experience developing light industrial properties,and we have an extensive network of local developers who can perform such work for us.These investments can generate higher returns for our Unitholders.To date we have now entered into two partnerships.In May 2014

30、 we sold 75%interest in one of our Ottawa properties to a major Canadian institution,crystalizing a solid$4.5 million gain on the sale.In February 2015 we purchased a 50%interest in six industrial properties adding 326,409 square feet of GLA to our Montreal portfolio through a new joint venture with

31、 Groupe Montoni,a well-respected developer of primarily LEED-certified properties currently owning approximately 1.1 million square of industrial GLA with another 1.4 million square feet under development.We look to acquire further properties with both these,and other new joint venture partners goin

32、g forward.PROVEN EXPERIENCE IN GENERATING STRONG FINANCIAL PERFORMANCEThe execution of our proven growth strategies generated solid financial performance in 2014.Operating revenues were$28.7 million,up from$22.0 million in 2013,driving a 28.6%increase in net operating income to$21.2 million.Adjusted

33、 Funds from Operations(AFFO),our key operating benchmark,rose to$11.0 million or$0.521 per Unit compared to$8.9 million or$0.543 per Unit in 2013.Most importantly,our payout ratios continued at our target levels with our AFFO payout ratio at 95.8%at December 31,2014.Including the benefit of our Dist

34、ribution Reinvestment Plan(DRIP),our effective AFFO payout ratio was 79.8%.2014 AN N UA L R EP O RT 7Our balance sheet and liquidity position remained strong at year end with our leverage ratio a conservative 55.2%,an attractive weighted average effective interest rate on our mortgage portfolio of 3

35、.68%,and a weighted average term to maturity of 4.45 years.Debt service and interest coverage ratios were also solid at 1.72 times and 2.63 times,respectively.PROVEN EXPERIENCE IN DELIVERING ENHANCED UNITHOLDER VALUEUnderscoring our commitment to enhancing Unitholder value,and in light of our contin

36、uing strong operating performance and positive outlook on the future,in May 2014 the Board of Trustees was very pleased to announce our first increase in monthly cash distributions to Unitholders,a 3%increase to$0.504 per Unit on an annualized basis.In addition,the Trustees have adopted a policy to

37、consider further annual increases of between 2%and 4%going forward while maintaining our AFFO payout ratio below 90%.We look forward to updating you on this key objective.For taxable Canadian resident unitholders,the tax treatment of 2014 distributions is a 23.21%Capital Gains and a 76.79%Return of

38、Capital.As a result,the effective tax deferral is approximately 88%.CAPITALIzING ON OUR PROVEN EXPERIENCE Looking ahead,we will continue to execute our proven strategies to grow cash flows and Unitholder value over the long term.We will prudently acquire high quality light industrial properties in o

39、ur targeted Canadian urban markets,purchasing newer,well maintained properties that require little or no capital investment.Our acquisitions will be made at below replacement cost with rents below market where we believe we can generate increased cash flows through our proven management programs.All

40、 property acquisitions will be accretive,and with current capitalization rates well in excess of todays low cost debt financing,we believe we will continue to lock in very accretive spreads on our purchases.We believe our cash flows will also grow organically as we capitalize on the continuing stron

41、g fundamentals in the light industrial sector.Light industrial properties have demonstrated significant strength and stability for decades,driven by such characteristics as low market rent volatility,reduced operating costs,and more generic-use space that is highly marketable.In addition,the scale a

42、nd diversity of the tenant base occupying our properties is broad and generally tracks the overall economy,reducing risk and providing predictable and consistent cash flow.Finally,capital expenditure and maintenance requirements,as well as leasehold improvement and tenant inducement costs,are much l

43、ower than other types of real estate.Finally,we will continue to prudently target underperforming light industrial assets with joint venture partners for potential development or re-development.These investments can generate higher returns for our Unitholders,but rest assured we will be very conserv

44、ative and prudent in this element of our growth program.In summary,we are very pleased with our growth and performance in 2014,and look for continued progress in the years ahead.With strong industry fundamentals,best-in-class properties,and a proven management team with decades of experience in the

45、industrial real estate sector,we are well-positioned to deliver increasing value to our Unitholders over time.Lou Maroun Paul DykemanChairmanPresident&CEOAt Summit we believe we hAve one of the beSt And moSt productive operAting plAtformS in the buSineSS,built on the deep experience And expertiSe of

46、 our people.8 S U MMIT II REITTheexecutionofourprovengrowthstrategiesgeneratedstrongfinancialperformancein2014withsolidincreasesinallourkeyperformancebenchmarks.2014 AN N UA L R EP O RT 9NET OPERATING INCOME($,000)REVENUE FROM INCOME PROPERTIES($,000)FUNDS FROM OPERATIONS($,000)ADJUSTED FUNDS FROM O

47、PERATIONS($,000)05,00010,00015,00020,00025,00003,0006,0009,00012,00015,00002,0004,0006,0008,00010,00012,00005,00010,00015,00020,00025,00030,0002012201320142012201320142012201320142012201320141,9809069068,93511,0329,74412,4472,49722,04728,74016,49221,214REVENUE FROM INCOME PROPERTIES($,000)FUNDS FROM

48、 OPERATIONS($,000)ADJUSTED FUNDS FROM OPERATIONS($,000)05,00010,00015,00020,00025,00003,0006,0009,00012,00015,00002,0004,0006,0008,00010,00012,00005,00010,00015,00020,00025,00030,0002012201320142012201320142012201320141,9809069068,93511,0329,74412,4472,49722,04728,740FUNDS FROM OPERATIONS($,000)ADJU

49、STED FUNDS FROM OPERATIONS($,000)05,00010,00015,00020,00025,00003,0006,0009,00012,00015,00002,0004,0006,0008,00010,00012,00005,00010,00015,00020,00025,00030,0002012201320142012201320142012201320142012201320149069,74412,447NET OPERATING INCOME($,000)REVENUE FROM INCOME PROPERTIES($,000)FUNDS FROM OPE

50、RATIONS($,000)ADJUSTED FUNDS FROM OPERATIONS($,000)02,0004,0006,0008,00010,00012,0002012201320149068,93511,0329,74412,4472,49722,04728,74016,49221,21410 S U MMIT II REITEXECUTING OUR PROVEN GROWTH STRATEGIESDuring and subsequent to 2014 we strengthened and re-positioned our property portfolio with t

51、he acquisition of fifteen properties,generated solid organic growth,and entered into two new strategic partnerships that will enhance our future growth prospects.2014 AN N UA L R EP O RT 1 1EXECUTING OUR PROVEN GROWTH STRATEGIESNEW PROPERTIES21 FINCHDENE SqUARE,SCARbOROUGH,ONTARIO1 RIMINI MEWS,MISSI

52、SSAUGA,ONTARIO977 CENTURy DRIVE,bURLINGTON,ONTARIO30 STRUCk COURT,CAMbRIDGE,ONTARIO350 HAzELHURST ROAD,MISSISSAUGA,ONTARIO78 WALkER DRIVE,bRAMPTON,ONTARIO1600 CLARk bOULEVARD,bRAMPTON,ONTARIO65 RIVIERA DRIVE,MARkHAM,ONTARIO5485 TOMkEN ROAD,MISSISSAUGA,ONTARIO3720 AVENUE DES GRANDES TOURELLES,bOISbRI

53、AND,qUEbEC1177 1185 55E AVENUE,DORVAL,qUEbEC5757 THIMENS bOULEVARD,ST.LAURENT,qUEbEC5545 ERNEST-CORMIER STREET,LAVAL,qUEbEC185 bELLEROSE bOULEVARD,LAVAL,qUEbEC1970 JOHN-yULE STREET,CHAMbLy,qUEbECNEW PARTNERSHIPSWE ENTERED INTO TWO JOINT VENTURE RELATIONSHIPS IN 2014 TO JOINTLy TARGET UNDERPERFORMING

54、 LIGHT INDUSTRIAL ASSETS THAT WE bELIEVE CAN SEE IMPROVED RETURNS THROUGH DEVELOPMENT OR RE-DEVELOPMENT.ONCE STAbILIzED,WE WILL CONSIDER ROLLING SUCH PROPERTIES INTO THE REIT.AT SUMMIT,WE HAVE DECADES OF EXPERIENCE DEVELOPING LIGHT INDUSTRIAL PROPERTIES.AT A GLANCEA WELL BALANCED MORTGAGE PORTFOLIOA

55、 WELL BALANCED LEASE PORTFOLIOA STRONG AND GROWING PORTFOLIO34 ProPErTIES3.7 MILLIoN SQuArE FEET GLAONTARIO 24 properties 3.16M sq.ft.qUEbEC 5 properties 308,600 sq.ft.ALbERTA 2 properties 76,200 sq.ft.bRITISH COLUMbIA 2 properties 21,700 sq.ft.ATLANTIC CANADA 1 property 169,500 sq.ft.112233445512 S

56、 U MMIT II REIT01020304050607020152016201720182019 THEREAFTER3.68%3.68%3.67%3.69%3.66%3.66%PRINCIPAL REPAYMENTS$MILLIONS Weighted Average Interest Rate4,4592,51210,77415,03951,21469,0010.00200.00400.00600.00800.001,000.001,200.001,400.001,600.001,800.002,000.002,200.0020152016201720182019 THEREAFTER

57、LEASE ROLLOVER(SQUARE FEET)(,000)6.8%10.0%11.9%53.5%9.3%8.5%TOP-TEN TENANTSSTRONG INDUSTRY FUNDAMENTALSThe Canadian light industrial real estate sector possesses strong fundamentals well-suited to generating stable,secure and growing cash flows:low rent volatility reduced operating costs generic and

58、 highly marketable space low capital,maintenance,leasehold improvement and tenant inducement costsA PROVEN THREE-PART GROWTH STRATEGY Capitalize on strong industry fundamentals Industry-leading operating company Increasing occupancies and average rents Capture economies of scale as portfolio grows A

59、cquire high quality light industrial properties Price below replacement cost Modern,well maintained,single or multi-tenant Near term focus on strong and growing Greater Toronto Area market Establish partnerships with experienced property developers Acquire and re-develop underperforming properties V

60、end properties into REIT when stabilized Prudent investmentsOrganic GrowthExternal GrowthDevelopment Partnerships123 PERCENTAGE OF TOTALRANK TENANT LOCATION GLA BASE RENT1 Van-Rob Inc.Aurora,ON 322,187 9.35%2 McKesson Canada Moncton,NB 169,474 6.42%3 Bellwyck Packaging Inc.Multiple GTA,ON 261,746 5.

61、96%4 Ford Motor Company Mississauga,ON 220,000 5.85%5 Canplas Industries Ltd Barrie,ON 216,460 5.62%6 Giant Tiger Stores Limited Brockville,ON 68,093 4.52%7 Integrated Merchandising Brampton,ON 196,496 4.13%8 Renin Corp.Brampton,ON 148,832 3.92%9 Kobay Enstel Automotive Inc.Scarborough,ON 133,939 3.

62、73%10 Associated Brands Etobicoke,ON 142,386 3.34%Top-Ten Tenants 1,879,613 52.8%Remaining Portfolio 49 Tenants 1,857,633 47.2%Total Portfolio Occupied 3,737,246 100%2014 AN N UA L R EP O RT 1 3SUMMIT II REIT PORTFOLIO BY PROPERTY YEAR BUILT/SINGLE VS.NO.OF ADDRESS CITY RENOVATED MULTI-TENANT TENANT

63、S GLA(SF)OCCUPANCY(%)OnTAriO 85%501 Palladium Drive(1)Ottawa 2007 Multi 2 64,593 100.0%134 Bethridge Road Bethridge 1965 Single 1 142,386 100.0%710 Neal Drive Peterborough 1973/Ongoing Single 1 101,601 100.0%200 Iber Road Ottawa 2007 Multi 4 75,743 100.0%240 Laurier Boulevard Brockville 2005/2010 Si

64、ngle 1 68,093 100.0%155 161 Orenda Road(2)Brampton 1970 Multi 3 319,077 100.0%8705 Tobram Road Brampton 1980/2003 Multi 3 295,957 100.0%6 Shaftsbury Lane Brampton 1975 Single 1 125,871 100.0%40 Summerlea Road Brampton 1987 Single 1 121,138 100.0%296 300 Walker Drive Brampton 1976 Multi 2 102,972 100

65、.0%292 294 Walker Drive Brampton 1987 Multi 8 74,583 100.0%165 Orenda Road Brampton 2003 Single 1 57,055 100.0%1075 Clark Boulevard Brampton 1974 Single 1 35,842 100.0%200 Vandorf Sideroad Aurora 1985 Single 1 322,187 100.0%125 Nashdene Road Scarborough 1992 Multi 2 163,402 100.0%40 Dynamic Drive Sc

66、arborough 1988 Multi 4 86,681 100.0%50 Dynamic Drive Scarborough 1986 Single 2 45,639 100.0%110 Walker Drive Brampton 1981/1987 Single 1 148,832 100.0%500 Veterans Drive Barrie 2004 Single 1 216,460 100.0%21 Finchdene Square Scarborough 1981/1986 Single 1 170,100 100.0%1 Rimini Mews Mississauga 1972

67、 Single 1 46,150 100.0%977 Century Drive Burlington 1980 Single 1 45,496 100.0%30 Struck Court Cambridge 2006 Single 1 111,493 100.0%350 Hazelhurst Road Mississauga 1997 Single 1 220,000 100.0%QuEbEc 8%175 Bellerose Boulevard Laval 2007 Single 1 81,087 100.0%2580 Dollard Lassalle 1973 Multi 4 89,000

68、 100.0%2695 Dollard Lassalle 1954/1980 Multi 2 62,279 100.0%300 Labrosse Pointe-Claire 1974 Single 1 55,333 100.0%7290 Frederick-Banting St.Laurent 2001 Single 1 20,859 100.0%nEw brunswick 4%290 Frenette Avenue Moncton 2012 Single 1 169,474 100.0%ALbErTA 2%3703 98th Street Edmonton 1978 Single 1 45,

69、752 100.0%5880 56th Ave Edmonton 1997/2004 Single 1 30,411 100.0%briTish cOLuMbiA 1%6708,87A Avenue Fort Saint John 2006 Single 1 13,500 100.0%2500 Cranbrook Street Cranbrook 1970 Single 1 8,200 100.0%TOTAL POrTfOLiO 59 3,737,246 100.0%14 S U MMIT II REITACqUISITIONS SUBSEqUENT TO YEAR-END YEAR BUIL

70、T/SINGLE VS.NO.OF ADDRESS CITY RENOVATED MULTI-TENANT TENANTS GLA(SF)OCCUPANCY(%)3720 Avenue des Grandes Tourelles(3)Boisbriand 2014 Single 1 153,322 100.0%1177 1185 55e Avenue(3)Dorval 1990 Single 1 77,946 100.0%5757 Thimens Boulevard(3)St.Laurent 1981 Single 1 37,747 100.0%5545 Ernest-Cormier Stre

71、et(3)Laval 2012 Single 1 24,956 100.0%185 Bellerose Boulevard(3)Laval 2009 Single 1 19,566 100.0%1970 John-yule Street(3)Chambly 2011 Single 1 12,872 100.0%78 Walker Drive Brampton 1986/2000 Single 1 150,000 100.0%1600 Clark Boulevard Brampton 1974 Single 1 79,300 100.0%65 Riviera Drive Markham 1985

72、 Single 1 46,361 100.0%5485 Tomken Road Mississauga 1982 Single 1 63,700 100.0%Total subsequent Acquisitions 10 665,770 100.0%TOTAL POrTfOLiO incLuDing subsEQuEnT AcQuisiTiOns 69 4,403,016 100.0%(1)Represents 25%of total GLA.(2)Expected occupancy over the course of the period with vendor leases in p

73、lace.(3)Represents 50%of total GLA.We continue to focus our efforts on growing our Greater Toronto Area portfolio,a market that presents a compelling opportunity to create value for our Unitholders.ONTARIO 85%qUEBEC 8%NEW BRUNSWICK 4%ALBERTA 2%BRITISH COLUMBIA 1%2014 AN N UA L R EP O RT 1 5PORTFOLIO

74、 GLA(SF)ONTARIO 85%Summit IIs management team has the proven ability to build value for Unitholders over the long term.We have decades of industry experience,as well as relationships,to achieve our goals.We are also fully aligned with all REIT Unitholders through our substantial 8%ownership interest

75、,and we will continue to maintain and grow this interest going forward.ROSS DRAKE,CACHIEF FINANCIAL OFFICERSigma aSSet management Limited23 yEARs ExpERIENCE IN tHE COmmERCIAL REAL EstAtE INdustRypREvIOusLy tHE sENIOR vICE pREsIdENt OF REsEARCH&ANALysIs At ING REAL EstAtE CANAdA,ANd Is A CHARtEREd AC

76、COuNtANtPAul DyKEmAn,CACHIEF ExECutIvE OFFICERSigma aSSet management Limited25 yEARs ExpERIENCE IN tHE COmmERCIAL REAL EstAtE INdustRypREvIOusLy tHE CFO OF summIt REIt,tHE LARGEst INdustRIAL puRE-pLAy REIt IN CANAdA,ANd tHE CEO OF ING REAL EstAtE CANAdAKimbERlEy G.HillvICE pREsIdENt,AssEt mANAGEmENt

77、Sigma aSSet management Limited24 yEARs ExpERIENCE IN tHE COmmERCIAL REAL EstAtE INdustRypREvIOusLy tHE sENIOR vICE pREsIdENt OF AssEt mANAGEmENt At ING REAL EstAtE CANAdAlOu mAROunCHAIRmANSigma aSSet management Limited33 yEARs ExpERIENCE IN tHE COmmERCIAL REAL EstAtE INdustRypREvIOusLy tHE CEO OF su

78、mmIt REIt,tHE LARGEst INdustRIAL puRE-pLAy REIt IN CANAdA,ANd tHE ExECutIvE CHAIRmAN OF ING REAL EstAtE CANAdAJOn RObbinSvICE pREsIdENt,INvEstmENtsSigma aSSet management Limited24 yEARs ExpERIENCE IN tHE COmmERCIAL REAL EstAtE INdustRypREvIOusLy tHE vICE pREsIdENt OF INvEstmENts At summIt REItPROVEN

79、,EXPERIENCED MANAGEMENT TEAM16 S U MMIT II REITWith strong industry fundamentals,best-in-class properties,and a proven management team with decades of experience in the light industrial real estate sector,we are well-positioned to deliver stable and growing cash distributions and increasing value to

80、 our Unitholders over the long term.AN EXCITING FUTURECorPoraTe address 294 WaLker drIve,unIt 1 brampton,ontarIo L6t 4Z2sToCk exChanGe lisTinG trust unIts are traded on the toronto stoCk exChanGe under the symboL:smu.ununiTs ouTsTandinG deC 31,2014:23,396,550Cash disTribuTion inFo$.0408 per month(Ja

81、nmay)$0.042 per month(JunedeC)$0.498 paId In 2014$0.042 (deCember paId In January 2015)invesTor relaTions ConTaCT pauL dykeman 1801 hoLLIs street,suIte 2020 haLIfax,nova sCotIa b3J 3n4902-405-8813 InfosummItIIreIt.ComaudiTor deLoItte LLpleGal CounCil mCCarthy ttrauLt LLpTransFer aGenT Computershare trust Company of Canadaannual General meeTinG may 13,2015 at 11:00 a.m.mCCarthy ttrauLt LLp suIte 5300 td bank toWer 66 WeLLInGton street West toronto,ontarIo m5k